News that the Global Head of Product, Mayur Kamut, has resigned from Binance hit the wires on Monday. This is the most recent exit among a stream of resignations since the cryptocurrency exchange came under the microscope of financial regulators.
Another top executive resigns from Binance
A Binance spokesperson confirmed the report to Reuters. Among others, the company also had to bid farewell to its Chief Strategy Officer, Patrick Hillmann, and General Counsel, Hon Ng, during this year. These resignations raise industry eyebrows as they follow scrutiny by authorities, including the U.S. Securities and Exchange Commission (SEC) and the Australian Securities and Investment Commission (ASIC).
Mayur Kamat
Source: Binance
The SEC sued Binance and its Chief Executive Officer (CEO), Changpeng Zhao, for alleged illicit operations that aim to deceive investors. This legal motion contains 13 charges, which include the false inflation of trading volumes, diverting funds, and neglecting to curb trading activities by U.S. citizens. Binance indicated it would go to all lengths to defend its reputation and operations.
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Earlier this year, in July, the crypto exchange laid off more than 1,000 people after the company’s U.S. future outlooks became uncertain. The company’s CEO responded to the report, which first appeared in the Wall Street Journal, and tweeted on X (previously known as Twitter):
As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off.
Changpeng Zhao added to this that Binance is still hiring new employees to emphasise media misrepresentation. However, the departure of top executives paints a different picture.
